Rula Giosmas is one of the beneficiaries. Last year she received a letter from Chase saying it was cutting in half the amount she owed on her condominium.
From the comments:
"This will generate taxable income under 26 USC section 108. A 1099 will be issued to the debtor with acopy to the IRS. The IRC Section 108 is entitled; Discharge of Indebtedness Income."
What do you think? Will the IRS pay attention?
Sunday, July 3, 2011
Posted by Harriet at 4:24 PM